High number of lettings and openings with numerous market entries on the German retail market
The nationwide retail market can look back on a dynamic letting activity in the first three quarters: with almost 650 lettings and openings registered in the first nine months of the current year, almost 10 % more contracts were signed than at the end of the third quarter of 2023. The fact that take-up was at the same time lower than in the same period of the previous year is primarily due to the very large-scale contracts signed by Modehaus Aachener in 2023. In total, the related rental agreements of the Modehaus Aachener, most of which were concluded in former Galeria shops, accounted for a volume of around 100,000 m². In the meantime, however, these shops have already closed again or are on the verge of closing and some have already been re-let. If these contracts are consequently not taken into account in the very high result for the first three quarters of 2023 (around 450,000 m²), the current take-up of a good 360,000 m² would even be slightly above the previous year's result (around 350,000 m² excluding Modehaus Aachener).